How to Increase Your Home's Value
Many times we receive questions about what home updates improve the value of your home. Below are some guidelines..
Project (average cost recouped, national) according to Realtor Magazine:
Minor kitchen remodel (88%)
Bathroom remodel (85%)
Major kitchen remodel (81%)
Family room addition (80%)
Deck addition (77%)
Master suite (75%)
Attic bedroom (74%)
Siding replacement (73%)
Window replacement (69%)
Home office (55%)
Some tips when attempting value-increasing remodeling:
l Remodel with mass appeal in mind. Potential buyers are usually attracted more to neutral, mainstream design.
l Don’t go cheap when it comes to construction. Use durable, quality materials. If you’re a do-it-yourselfer, honestly evaluate your ability to do it right.
l Don’t remodel in a different style from the rest of the house. Additions and improvements that look “tacked on” may detract from a home’s appeal.
l Turning a bedroom into a bathroom is a mistake – it reduces the number of bedrooms, a chief selling point.
l Don’t do a $30,000 kitchen remodel in a $100,000 house – unless you plan to continue living there.
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You may want to add to or improve your landscaping while you’re at it. According to a study conducted by Money Magazine, landscaping may be the best investment to improve a home's value. The study found that well-planned, attractive landscaping was estimated to have an actual recovery rate 100 to 200 percent higher than a kitchen or bathroom renovation.